Glenmark Pharma shares rise on licensing agreement with Menarini

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Glenmark Pharma share price added 2 percent intraday on December 23 after the company entered into an exclusive licensing agreement with Menarini.

Glenmark Pharmaceuticals announced that its Swiss subsidiary, Glenmark Specialty S.A., has entered into an exclusive licensing agreement with Menarini Group (Menarini) for commercializing its innovative nasal spray Ryaltris across 33 countries in Europe, including the Balkan region, the company said in an exchange filing.

Ryaltris and mometasone furoate (25 mcg)], developed by Glenmark, is a novel fixed-dose combination nasal spray of an anti-histamine and a steroid indicated for the treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age, the company said.

“We are excited to partner with Menarini for Ryaltris™ across Europe as they have a proven track record in partnering and commercialising respiratory products in the region. This partnership is another step in establishing Glenmark’s respiratory focus in Europe. While Glenmark will launch Ryaltris through its own front ends in some markets, this arrangement will allow the product to compete across Europe. This is also aligned with our vision to make Ryaltris the first global brand of Glenmark by launching it in several markets across the world,” said Achin Gupta, Executive Vice President, Business Head EMEA-L (Europe, Middle East, Africa, Latam) Glenmark Pharmaceuticals.

The stock was trading at Rs 494.15, up Rs 10.30, or 2.13 percent at 10:54 hours. It has touched an intraday high of Rs 497.70 and an intraday low of Rs 487.60.

Glenmark Pharma has received tentative approval from the United States Food & Drug Administration (USFDA) for Dabigatran Etexilate Capsules, 75 mg, 110 mg, and 150 mg, the generic version of Pradaxa Capsules, 75 mg, 110 mg, and 150 mg, of Boehringer Ingelheim Pharmaceuticals, Inc.